GEM Loans / Pacific American Mortgage (PAMCO) - Wholesale Alt-A
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GEM Capital Funding
Golden Empire Mortgage's Gem Capital Funding, like Pacific American Mortgage below, which is another GEM subsidiary, also ceased operations in mid-August. They have the following announcement posted on their website (gemloans.com):
Pacific American Mortgage (PAMCO)
We have received word from numerous informants that Pacific American Mortgage (PAMCO) (pamcorose.com) has ceased accepting submissions. Per the PAMCO website:
One informant described their operations at peak thusly:
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Important: This company is on our list of lending operations that have "imploded". However, please note that "imploded" is a somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or "firesale" acquisition. All information here is provisional, and may contain inaccuracies (especially newer information). If you are planning on doing business with this company or any other one listed on this site, you should inquire with them directly on whether they can still meet your needs. Many are still operating in some capacity.